Health insurance has shifted from being an option to something so necessary. With increasing medical expenses and unforeseen health outgoings, it’s necessary for a person and family to choose a good health plan for financial security. Still, going through all those policies can be daunting.
Here are six important points to bear in mind before you make any decision for the best health insurance for yourself and your family:
Make Your Choice as Per Your Requirements
If medical coverage is required only for yourself, then do take an individual health plan accordingly. Or if you want to have the whole family covered under one policy, then a family floater health insurance plan is better. It offers wider coverage at a cheaper rate in comparison to separate individual plans.
Compare With Other Insurers
Benefits, premiums, and coverages offered by insurance providers vary. Compare and contrast at least 3-4 plans from different insurance companies before you settle down for one. Thus, your money gets the best value, and your family gets adequately insured.
Review Claim Settlement Ratio (CSR)
Claim Settlement Ratio (CSR) is the ratio of the settled claims by the insurer to claims received. A higher CSR (around 95% or more) means that the company is more trustworthy. Insurers with high claim settlement ratios must be preferred to avoid any difficulties during emergencies.
Make sure it offers more benefits
Any health insurance plan worth its salt won’t just pay for hospitalization consolation. Find out if a policy covers medicines, OPD treatments, home care, or teleconsultation services. A truly comprehensive plan, with maximum benefits, minimizes a patient’s out-of-pocket expenses.
Go through the list of exclusions with a fine-tooth comb
There could be things a policy says it doesn’t cover—these are called exclusions. These may be medical conditions or treatments for which claims cannot be paid. Before making a decision, always read through the list of exclusions so that you’re not caught unaware later. Cosmetic surgeries, pre-existing diseases (at least initially), and alternative treatments are usually excluded.
Check for Pre-Hospitalization and Post-Hospitalization Cover
An ideal health plan must be there for expenses that occur due to pre-hospitalization and post-hospitalization. These can be:
Expenses before hospitalization (60-90 days) incurred towards diagnostic tests and consultations.
Expenses after hospitalization (120-180 days) incurred for recovery-related expenses such as medicines and relevant follow-up visits.